Portman Holdings has announced its investment in The Promont, the most recent of the firm’s Indian residential real estate deals. The Atlanta-based real estate investor and developer represents the first private equity funding for a project by Tata Housing, India’s fastest growing real estate development company and a wholly-owned subsidiary of Tata Sons.
Portman Holdings will play an investment and management role in the project, led by Tata Housing. YES Bank was the exclusive advisor on this transaction.
Portman Holdings CEO Ambrish Baisiwala is glad to add another India investment to the firm’s portfolio: “The Promont is a solid project, and we’re very glad to be a part of its development. We have a great deal of respect for Tata Housing and their work, and we look forward to partnering with them on The Promont and potential future opportunities in India.”
Portman Holdings remains bullish on Indian real estate, and are seeking further investment opportunities in India’s gateway cities. We find the fundamentals compelling and are working with investors to utilize various structures to invest as much as $300 million US beginning as early as the start of 2013. We look forward to our future deals in India.
Brotin Banerjee, MD and CEO of Tata Housing, said, “Portman Holdings clearly recognizes the opportunity for long term and sustained growth in the Indian housing market. Their investment represents a huge endorsement for The Promont as an outstanding project.”
The Promont is a high-end residential development of terraced hillside residences on Bangalore’s exclusive hill at Promont Hills, South Bengaluru. It is intended to meet the rising demand of home buyers who are seeking this type of product in a suburban location.
The project is designed by world renowned architect Moshe Safdie, creator of the Marina Bay Sands Resort in Singapore. It is Safdie’s first residential development in India. This property is the latest from Tata Housing’s developments intended to redefine luxury living in India and consists of apartments from 2,376 square feet to 3,205 square feet.
The Managing Director of Portman Holdings’ India operations, Rahul Anand, said “We are very excited to partner with Tata Housing. The Prommont is a great addition to our residential portfolio in India and fits well with our Investment Strategy for the country.”
About Portman Holdings:
Portman Holdings, LLC is a real estate development, investment and management company with an international presence and a rich history of developing premier projects that spans six decades and three continents. The firm specializes in hospitality, office, and mixed-use properties, achieving success through investor, partner, and client relationships that deliver exceptional real estate projects and produce strong financial returns. Throughout the past 60 years, Portman Holdings has raised and deployed over $6 billion and developed over 50 million square feet of premium real estate.
Headquartered in Atlanta, with global offices in Shanghai, Seoul and Mumbai, the Portman Holdings team commands a successful global network. The firm’s Mumbai office was established in 1998, and provided a platform from which the team undertook architectural and development/execution oversight roles in such iconic projects as the Indian School of Business in Hyderabad and Taj Wellington Mews in Mumbai, until the opening of the India real estate market to foreign direct investment. Since 2009, Portman Holdings has been investing in real estate developments across India’s gateway cities. The group has invested in approximately 3 million square feet of property thus far, and continues to seek opportunities within the Indian real estate market. For additional information, visit www.portmanholdings.com.
About Tata Housing Development Company Limited:
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of TATA Sons Limited. TATA Sons Limited holds 99.78% of equity share capital of the company.
Since its revival in 2006, the company has grown exponentially establishing itself as the fastest growing real estate developers in India, with 60 million sq.ft under various stages of planning and execution and an additional 19 million sq.ft in the pipeline. Tata Housing has stood out in the industry with quality construction, ethical and transparent business practices, rapidly acquiring an image as a Quality Conscious and Reliable Developer.
Today, Tata Housing is developing large townships and differentiated theme based projects in major and mini metros. As a comprehensive real estate developer of choice, Tata Housing straddles across all consumer segments from value to luxury housing, by offering products ranging from Rs. 5 lakhs to Rs. 14 crores. All projects developed by Tata Housing are certified sustainable green developments, designed by top internationally renowned architects.
With strength of over 650 employees, and presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar; the company is now in the process of expanding its footprints to other parts of India across tier I and II cities. The company has also ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.
Tata Housing has been receiving various industry recognitions and accolades, both on domestic and international platforms.
For further information, please contact:
Charity Kassa, Edelman